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What If You Don’t Win At Auction?

If you’ve ever been involved in an auction, you’ll know how tense it can be, particularly if you are one of the people bidding. Even if you’re just a casual observer on the day, you can feel on your guard – any sudden movements and you could find yourself an unwitting homeowner!

Private treaty sales account for the vast majority of all home sales but auctions are an increasingly popular way to sell property these days. An auction has the potential to generate a sense of urgency especially when there is competitive bidding amongst buyers. Auctions are best suited to situations where the owner specifies an unconditional sale. In this instance, there is no cooling off period at auction. Alternatively, the owner may choose to set specific terms of sale such as length of settlement. With a private treaty, there’s more opportunity for purchasers to negotiate the details.

For house buyers, understanding the auction process and being prepared on the day is crucial. You need to know what you’re buying and be confident of the price you’re willing to pay. An auction contract is unconditional once the hammer goes down. So you need to organise a pre-purchase inspection report before the auction.

But with auctions comes uncertainty. What if you don’t win? You only have to go through it all again!

You really need to weigh up your options here. A building inspection report is your best insurance. It’s really a small price to pay when compared to the value of the house. And it could ultimately save you thousands.

A pre-purchase house inspection will include a comprehensive, 250-point report, complete with photos, giving you peace of mind in knowing the true condition of the property. With inspectors based in metropolitan Melbourne, Geelong or Central Victoria, SPI can provide a fast turnaround on inspections to enable you to make a fast purchase decision on auction day.

Winning a house at auction is exhilarating – but what if you find you’ve bought yourself a lemon, with problems that will keep you out of pocket for years to come? A house is likely to be your biggest financial investment and you don’t want to get things wrong.

Trust our independent, specialist inspectors to give you that peace of mind. Call us today on 1300 721 032 or click here for a quick online quote and we can help you through those multiple auction situations.